Breadcrumb

Press Release

NEW YORK--(BUSINESS WIRE)--Oct. 9, 2013--
Hess Corporation announced today it has entered into an agreement with
Buckeye Partners, L.P. to sell its U.S. East Coast and St. Lucia
terminal network for a total consideration of $850 million in cash. As a
result of this sale, Hess is expected separately to release
approximately $900 million of working capital, with another $100 million
continuing to be retained by the retail business as part of its ongoing
operations.

The sale of the terminal network, along with the sales of four upstream
producing assets completed earlier this year and the announced sale of
the Energy Marketing business, brings total year-to-date divestitures to
$5.4 billion. Hess has used the initial proceeds from its completed
asset sales, first, to repay debt and, then, to further strengthen its
balance sheet. Subsequently, the Company started purchasing shares under
its $4 billion authorization and intends to use proceeds from, and
working capital released by, the sale of its terminal network to
continue this program.

The agreement is subject to regulatory approvals and other customary
closing conditions and is expected to close in the fourth quarter of
2013.

Hess Corporation is a leading global independent energy company engaged
in the exploration and production of crude oil and natural gas. More
information on Hess Corporation is available at http://www.hess.com.

Cautionary Statements

This news release contains projections and other forward-looking
statements within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934.These
projections and statements reflect the company’s current views with
respect to future events and financial performance.No assurances
can be given, however, that these events will occur or that these
projections will be achieved, and actual results could differ materially
from those projected as a result of certain risk factors.A
discussion of these risk factors is included in the company’s periodic
reports filed with the Securities and Exchange Commission.